- How to Coach
- How to calculate your coaching rates (feat. Bryan Halverson)
How to calculate your coaching rates (feat. Bryan Halverson)
so the you can get paid what you're worth
Bryan Halverson is one of my Coach Fast Track clients.
He’s among the coolest success stories I’ve seen where someone simply applied action to insight, and built a successful coaching business within just a few years.
In fact, he’s on track to doing $153,000 in revenue this year alone in his coaching business, Dinwoody Consulting. (and he’s only doing this part-time)
So you can imagine my delight when he said “yes” to doing a guest post this week for you.
Bryan, take it away.
Today I met with a new business client.
She was really excited to tell me about her business that she had started and had now grown to a team of 18.
She prided herself in having created a great and flexible place for moms to work part time while still giving great customer service and quality to her clients.
Her clients had actually ASKED her to start her company so they could hire her to help them in her area of expertise. Talk about being great at what you do!
She was excellent at her craft. But running the business on the other hand, that was more of a challenge.
Business owners often know WHAT to do, but sometimes can struggle with HOW TO RUN what they do.
And even harder (especially for coaches), what do they CHARGE people?
Your time and expertise are valuable. But how do you quantify them?
One way: Opportunity Cost. Opportunity What?!? Common definitions for this term can be confusing.
To me it just means the cost of the next best choice. If I choose to buy an apple, the opportunity cost is that I can’t buy a banana with that same money.
So, as a business owner, what is the opportunity cost of your time, effort and energy? What is your next best alternative instead of being an entrepreneur?
I guess you could go get a job. (GASP!)
I know you’d give up some things, but just focus on the financial aspect of that choice. You would be getting paid. How much could you make?
If you could go get a job making $25/hr, and you decide to be a coach instead, you should charge at least $25/hr, otherwise you are losing money and should quit your business and go be an employee.
Maybe you feel you can’t charge that yet, but could in the future. So then your challenge is to learn how to coach as quickly as possible so you can increase your value to at least $25/hr.
Your investment in yourself will pay off. And maybe you have to do it as a side hustle and work at a job until your coaching business takes off.
That’s ok too.
Another key piece is to learn how to run the finances of your business.
There’s tons of great books out there.
(But if you’d rather get financial coaching from a real human, that’s what I help businesses do! You can schedule a free consultation by visiting my website at www.dinwoodyconsulting.com.)
After meeting with that new business client, we discovered that she was really only making $18/hr. It was a wakeup call for her and she was able to change her financial management of the business to improve her results.
You can do this too!
You can earn what you’re worth.
And you can learn to succeed with money where you’ve previously struggled.
Choose one step you can take today to apply the ideas that’ve popped in your head while reading.
Quote of the week:
Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.
Song of the week: